Outsourcing
Third-party management involves outsourcing the execution of non-core business functions, leveraging the expertise, processes, and technology of external providers. It entails establishing a contractual relationship wherein an external organization assumes responsibility for performing some or all of an agency's functions. This may include transferring staff and resources either partially or entirely. Outsourcing, as defined, entails entrusting external providers with certain recurring internal activities and decision-making authority as outlined in a contractual agreement. It goes beyond mere cost reduction, serving as a fundamental strategy for achieving business excellence.